India Reporter Live

HOP Electric Unveils Nimble ‘Nimbus’ Platform for Electric Motorcycles and Aims to Triple Sales by 2024

<p>According to business founder and CTO Rahil Gupta, HOP Electric is planning to introduce an electric motorbike that is comparable to the mass market entry-level motorcycles with conventional engines in order to shore up volumes. The firm is expecting a three-fold increase in its yearly sales by 2024.</p>
<p><img decoding=”async” class=”alignnone wp-image-322041″ src=”×375.jpg” alt=” hop electric unveils nimble nimbus platform for electric motorcycles and aims to t” width=”1158″ height=”579″ title=”HOP Electric Unveils Nimble 'Nimbus' Platform for Electric Motorcycles and Aims to Triple Sales by 2024 3″ srcset=”×375.jpg 750w,×512.jpg 1024w,×384.jpg 768w,×75.jpg 150w, 1060w” sizes=”(max-width: 1158px) 100vw, 1158px” /></p>
<p>The firm, which now sells two electric scooters and an electric cycle, also plans to raise around $25 million in the next year in order to expand its manufacturing capacity.</p>
<p>We have grown by 100% annually over the last three years. Gupta said, “I believe 2024 will be no different,” when questioned about the prospects for the next year.</p>
<p>“I think we will sell about 20,000 electric scooters and motorcycles this year, and next year we will be trying to push it to around 50,000 to 60,000 units,” he said when speaking about absolute sales figures. Regarding next product plans, he said that the business has been developing an electric bike that is comparable to a motorbike with a 100 cc conventional engine using its new platform, called Nimbus. This is one of the biggest markets for two-wheelers in India.</p>
<p>He continued, saying, “We thought the market is huge here.” The penetration might be high in tier II and III cities as well as other smaller towns. It will face competition from brands like Bajaj Platina and Hero Splendor.</p>
<p>“This product may be created for both B2B and B2C applications, including retail and hyperlocal logistics clients. Additionally, the same platform may be tailored to fulfill other requirements like e-commerce, food delivery, and bike taxi. It will be introduced in the next fiscal year, according to Gupta.</p>
<p>Regarding HOP Electric’s plans for obtaining money, he said, “We did not raise any investment this year.” We want to fund around USD 25 million for the new building and our capacity growth next year. According to Gupta, in 2022 the firm has received funding from Genus Power Infra, a publicly traded corporation.</p>
<p>The firm is currently establishing a facility in Neemrana, Rajasthan, although for now it is producing at its Jaipur factory.</p>
<p>“We have PLI, which was granted by the Indian government.In order to roll out our cars, the EV Park in Neemrana will meet demand and build end-to-end capabilities,” he said, adding that the business plans to begin production at the new site in 2025.</p>

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